Mortgage Rates for June 25, 2024
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The Fed maintained interest rates at their June 12 meeting, signaling a higher-for-longer stance. However, this may be unsustainable as households cut back on spending, says Dr. Selma Hepp, chief economist at CoreLogic. With rising unemployment and more economic indicators showing disinflation, the Fed may cut rates this year. However, home buying often hinges on personal circumstances rather than economic conditions. It might be wise to buy now at a higher rate and refinance later rather than waiting for the market to become more affordable.
All rate data is accurate as of June 25, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 7.00 percent, marking a decrease of 2 basis points compared to last week. Notably, the average rate was higher just a month ago at 7.13 percent. At this rate, monthly payments total $665.30 per $100,000 borrowed in principal and interest, a decrease of $1.35 per $100,000 compared to the previous week.
Today’s 15-year mortgage interest rate
The latest average rate for a 15-year fixed mortgage is 6.46 percent, an increase of 3 points from last week. At this rate, monthly payments total $869 per $100,000 borrowed.
Consumers should shop around to get the best deal. Rates below national averages are available. FreeRateUpdate.com has verified fixed mortgage rates as low as 5.250%, with a 5.548 APR available today in our mortgage lender network.
